The evolution of Cyber Liability and the many areas of exposure it should protect keeps expanding, and US Pro is at the forefront of this evolution each time.
The hottest new coverage is Dependent Business Interruption coverage. As businesses rely more on the digital world to run their operations, it comes with an increasing risk to a loss of income and additional expenses should an interruption occur
Many of today’s policies offer Business Interruption coverage if the interruption is caused by a security breach of their network. However, the coverage does not respond to an interruption of a third party provider’s network which causes an interruption of your customer’s business.
For example, if your customer is contracted with a firm to host its network, website, cloud storage services, etc. and their network gets interrupted, your customer’s operations also come to a halt. In these cases, traditional Business Interruption Coverage will not respond.
With the increasing reliance on other firms to run our own businesses, customers in these kinds of engagements need Dependent Business Interruption coverage. This coverage provides the Insured protection when that third party’s systems are interrupted, minimizing the financial impact of such an event.
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